This paper analyses the performance of various lossless compression algorithms employed on uniformly quantized audio signals. The purpose of this study is to enlighten a new way of audio signal compression using lossless compression algorithms. The audio signal is first transformed into text by employing uniform quantization with different step sizes. This text is then compressed using lossless compression algorithms which include Run length encoding (RLE), Huffman coding, Arithmetic coding and Lempel-Ziv-Welch (LZW) coding. The performance of various lossless compression algorithms is analyzed based on mainly four parameters, viz., compression ratio, signal-to-noise ratio (SNR), compression time and decompression time. The analysis of the aforementioned parameters has been carried out after uniformly quantizing the audio files using different step sizes. The study exhibits that the LZW coding can be a potential alternative to the MP3 lossy audio compression algorithm to compress audio signals effectively.